Credit Rating Affected By Gambling

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Credit Rating Affected By Gambling Sites
Credit Rating Affected By Gambling Games
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Apple Card is poised to become the Apple Music of credit cards for anyone that has an iPhone - the service people sign up for by default since it's built into the software. While Apple Card does bring solid rewards and impressive money management tools, it will also affect your credit report when you apply for it.

Mar 01, 2017 Matched betting does not affect your credit rating. How To Check Your Credit Rating. If you’re still worried, you can check your credit rating through an agency such as Experian, which offers a 30-day free trial. You can get proof for yourself whether your credit is affected. You have multiple credit scores, but the most common credit scoring model is used by FICO. Since new applications for credit make up 10% of your FICO credit score, simple math indicates your credit score could stand to fall as much as 70 points if you have a 700 credit score, for example.

When you apply for a credit card, no matter who the card provider is with, the potential lender will request information from a credit bureau like TransUnion, Equifax, or Experian, to determine your creditworthiness. The request that they submit is results in either a soft or hard inquiry and gets recorded on your credit report.

Apple Card is handling this a little differently than most other credit cards. The industry norm is to record a hard inquiry whether you are approved or declined for a card. Apple and Goldman Sachs are going a different route. You will only be hit with a hard inquiry if you are approved and accept your Apple Card offer. Any other situation (you are declined, or you are approved but decline the offer) will only result in a soft inquiry on your credit. Soft inquiries have no impact on your credit score no matter where they come from or how many you get.

If you are approved and accept your Apple Card offer, will a hard inquiry affect your credit? The truth is yes, but by how much is completely different from one person to the next. That is because your credit score is made up of 5 categories:

Payment history: 35%
Credit utilization: 30%
Length of credit history: 15%
Credit mix: 10%
New credit: 10%

As you can see, payment history and credit utilization make up almost 2/3 of your credit score while new credit, which hard inquiries fall under, only make up 10%. The reason that a hard inquiry affects everyone differently is that everyone's credit situation is different. For example, if someone has only one credit card that is relatively new with a lower limit, a hard inquiry will affect that person more. They would be lacking a payment history, their credit utilization could be high since they only have the one card, and the length of credit history would be low, so a new credit application could have more of an effect on their credit.

On the other side of the coin, someone who has had credit cards for a long time, have kept low balances, and always paid on time would barely notice the effects of a hard inquiry as they most likely have a much stronger credit score. That said, don't go out and start to apply for a ton of cards at the same time. There are plenty of exceptions that will flag anyone who starts to hit the credit bureaus multiple times within a short period, with very few exceptions.

The best thing you can do to make sure accepting your your Apple Card offer doesn't affect your credit score in a substantial way is to have a solid credit score built already. Always pay your bills on time, keep low or no balances on your cards (pay off your balance every month), and don't apply for a ton of cards around the time you want to also apply for Apple Card. If time travel was a thing you could go back and open a card earlier in life so you could also have a longer credit history, but since that isn't possible (outside of Hot Tub Time Machine), that one is going to be whatever it is.

Credit card companies and third-party services like Credit Karma offer free credit reports online and through apps so make sure to take advantage of them so you can, not only understand your score, but also take action to improve it. Once you have it in a good place, you're set to apply for Apple Card with confidence!

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A bad credit score can be as scary to share with your husband as many other secrets. The good news: Bad credit scores aren't contagious. If you've made some mistakes in the past, you won't hurt your husband's credit score just by getting married. However, it may hamper your ability to get loans as a couple.

No Joint Credit Score

When you get hitched, one thing you can't share is your credit score. The score is generated based on the information in your credit report, and only your accounts appear in the credit report. For example, your credit cards, student loans and car loan accounts generally have only your name on them. If you have a cosigner, then the cosigner's credit is also affected. Getting married doesn't mean your husband's credit report suddenly picks up all of your bad history.

Effects of Joint Accounts

If you decide to open joint accounts after getting married, credit history accumulated on those accounts will start to appear on both of your credit reports. Your prior history won't get tacked on, though. For example, if you have a credit card for five years before marrying and add your husband to the card after the wedding, your husband's credit score would only be affected by the account activity after he was added; none of your prior delinquencies would carry over. However, if you miss a payment and he's a joint account holder, his credit score gets dinged, too.

Future Loans

The biggest negative effect your bad credit will have on your husband is when you apply jointly for loans. Especially for larger loans, like a new car or house, lenders want to see both your credit scores and a bad score can outweigh a good score. If you can't get a lender to look at just your husband's score, you might have to pay a higher interest rate to compensate for your added risk. You might even be forced wait until your credit score improves before you get approved.

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Teaming Up for a Better Score

If you have bad credit, consider applying for a joint account with your husband for something smaller, like a credit card. His good credit could help you get approved; keeping the account in good standing will slowly improve your score. For example, if he's the only one using the card and he always makes sure it is paid on time, your credit report will show the positive credit history, too. Remember that when you cosign, both people are equally liable, so if the relationship goes south, you could be on the hook for the debt, too.